Business

Spokesperson: Incoming administration will not privatize companies any further

Published

4 weeks ago

03/11/2023

President elect Dr. Mohamed Muizzu’s Spokesperson Firuzul Abdulla Khaleel, on Thursday, said the incoming administration has no plans to further privatize any state-owned and shareholding companies than their current extent.

At a press conference on Thursday, Spokesperson Firuzul briefed the media on information gathered by transition committees on utility companies and concerns they have taken note of. The companies included STELCO, WAMCO, Fenaka and MWSC.

Main concerns raised by the spokesperson were with respect to the administrative and financial decisions of the companies.

However, he said state companies with shares of private companies had made more cohesive decisions in comparison.

“We have noticed that, in comparison, they (state companies with shares of private companies) have performed much better with respect to corporate governance matters, board’s decision and such works,”

In light of this, he said the status of other companies can be improved if corporate governance is strengthened.

When asked by Sun whether the incoming administration will further privatize state companies to strengthen their corporate governance – Firuzul said the incoming administration has no such plans.

“We believe the existing system, as a whole, should be considered in a new light. In this trajectory, I note that we are now exploring how the system is currently shaped and what changes need to be made. But this does not include further privatizing any of the existing companies within the state umbrella,” he said.

Firuzul said the incoming administration, after assuming office, will commence efforts to further strengthen the state companies and their independence, with a focus on enhancing its financial and administrative operations.

He said this will include settlement of all payments owed to small businesses by statement companies in addition to reforming the structure of utility services provided by the state and expediting projects that are presently underway.

Source(s): sun.mv

Business

Discussions held on exempting tariff from Maldivian fish exports to Türkiye

Published

2 days ago

29/11/2023

Maldivian Foreign Minister Moosa Zameer has revealed that discussions were held on Tuesday, regarding exempting duty levied on fisheries products imported to Türkiye from the Maldives.

Minister Zameer said the discussion took place during a meeting between Maldivian President Dr. Mohamed Muizzu and Türkiye’s Deputy Minister of Trade Mustafa Tuzcu as part of the ongoing official visit to President Muizzu to Türkiye.

Zameer said easier access for Maldives fish products to Türkiye market was also noted during the meeting. At the same time, discussions also focused on opportunities for enhancing trade and cooperation between the Maldives and Türkiye, including removing the tariff on Maldivian fish exports to Türkiye.

Discussions focused on exploring new areas of cooperation, such as tourism, construction, and renewable energy generation. They also addressed enhancing partnerships in existing areas of cooperation, both bilateral and multilateral.

He expressed confidence that Maldives-Türkiye relations will reach new heights through greater trade cooperation.

The meeting was also attended by other cabinet ministers accompanying President Muizzu in his ongoing visit. During the meeting, the President expressed his desire to deepen bilateral cooperation in commerce and investment between the Maldives and Türkiye. The President underscored the Maldives’ eagerness to explore opportunities for increased trade and investment with Türkiye, emphasizing that the aspirations for greater national development resonate deeply with the Maldivian people.

He also suggested increasing Turkish Airlines flights to the Maldives, considering the nation’s potential as a hub connecting the West to the East.

In conclusion, the President expressed optimism that Maldives- Türkiye cooperation would reach new heights during his tenure.

During the visit, the President also met with the Maldivian community residing in Türkiye where he pledged to work on remedying difficulties faced due to the dollar limit imposed on Bank of Maldives (BML) cards.

President Muizzu also called on the Turkish president Recep Tayyip Erdoğan.

Source(s): sun.mv

Business

Sri Lanka to sign FTA with Thailand in February: Colombo

Published

1 week ago

21/11/2023

COLOMBO, Nov. 21 (Xinhua) — Sri Lanka plans is expected to sign the Sri Lanka-Thailand Free Trade Agreement (FTA) in February 2024, Sri Lanka’s cabinet spokesperson Bandula Gunawardena told reporters on Tuesday.

At a press conference, Gunawardena said the agreement will be signed following the completion of negotiations by December 2023.

The cabinet has approved the free trade agreement, which will see 80 percent of tariff lines liberalized over 15 years, he said.

Sri Lanka is Thailand’s fourth-largest trading partner in South Asia, and Sri Lanka’s main exports to Thailand include gems, jewellery, tea, spices, fiber and metal products, according to official data.

In 2021, Sri Lanka imported goods from Thailand worth 355 million U.S. dollars and exported 59 million dollars’ worth of commodities to Thailand, according to official data.

Source(s): Xinhua

Business

Fenaka slapped with MVR 4M fine

Published

2 weeks ago

19/11/2023

Fenaka Corporation has been slapped with MVR 4 million fine for building power houses at 21 islands without completion of the Environment Impact Assessment (EIA) process.

In a statement on Sunday, Environment Protection Agency (EPA) said they investigated Fenaka for building powerhouses at 21 islands without completing the EIA process. Following their investigation, EPA said they have fined Fenaka by MVR 4,200,000.

EPA’s statement read that information received during the investigation and the documents exchanged between the two parties established that physical works on the powerhouses commenced without completing the EIA process.

They also noted that Fenaka had been previously fined for violating the regulations of EIA.

The 21 islands where physical works on the powerhouses commenced without completion of EIA are;

HDh. Finey
HA. Uligan
HA. Utheemu
GDh, Maavarulu
Sh. Feydhoo
Sh. Maaungoodhoo
HA. Dhidhdhoo
R. Rasgetheemu
R. Kinolhas
N. Kendhikulhudhoo
HA. Muraidhoo
Sh. Komandoo
N. Fodhdhoo
Sh. Kurendhoo
HDh. Kulhudhuffushi
HDh. Kumudhoo
Dh. Meedhoo
L. Maabaidhoo
HA. Molhaidhoo
GDh. Rathafandhoo
GA. Villingilli
Fenaka Has been instructed by EPA to settle the fine within 30 days, starting today.